Accounting Workbook For Dummies by Jane Kelly

Author:Jane Kelly
Language: eng
Format: epub
Publisher: Wiley
Published: 2010-04-21T16:00:00+00:00

Note: This Balance Sheet is only partial as it does not show the owners equity. You can calculate the owners equity by deducting the current liabilities from the total assets. (£3,855,000 - £515,000 = £3,340,000). The Owners equity would thus be £3,340,000.

7. Instead of the amounts shown in Firm X’s Balance Sheet, suppose that the cost of Firm X’s fixed assets is £3,850,000 and that accumulated depreciation is £958,000. Determine the amount of capital the business would have to raise in this scenario.

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